Lean hog futures are lower in Feb and April contracts, while the deferred months are adding 2 to 52 cents to the upside. USDA’s National Average Base Hog price for Friday AM was 76 cents weaker to $75.11. The 12/28 CME Lean Hog Index was $80.74 after another 5c increase.
China’s sow herd was reported at 43.88m head for November, up by 0.2% from the prior month. The overall herd expanded 2.1% yr/yr in November with data from the Ministry of Agriculture and Rural Affairs.
USDA reported 45,663 MT of pork was sold for export during the week that ended 12/22. That came via 15k MT for 2022 delivery and 30.5k MT for 2023. Mexico was the top buyer for both 2022 and 2023 sales with 60% and 39% of the respective totals. Pork export commitments for 2022 were 1.603 MMT as of 12/22 – down by 15% yr/yr with 2 weeks of reporting left. Forward sales for 2023 totaled 69.6k MT, a 23% lag from last year’s pace.
Pork cutout futures are trading red through midday, with losses of as much as 75 cents so far. USDA’s National Pork Carcass Cutout value for Friday morning was $90.48, up by $2.60. Federally inspected hog slaughter was reported as 991,000 head for the week through Wednesday.
Feb 23 Hogs are at $87.875, down $0.800,
April 23 Hogs are at $95.425, down $0.275
Feb 23 Pork Cutout is at $94.475, down $0.750,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
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